09:45 Y.T. REALTY<00075> & CROSS-HAR(HOLD)<00032> - Joint Ann. (1) The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Y. T. REALTY GROUP LIMITED THE CROSS-HARBOUR (HOLDINGS) LIMITED (Incorporated in Bermuda with (Incorporated in Hong Kong limited liability) with limited liability) (Stock Code: 75) (Stock code: 32) JOINT ANNOUNCEMENT PLACING OF EXISTING SHARES IN THE CROSS-HARBOUR (HOLDINGS) LIMITED DISCLOSEABLE TRANSACTION OF Y. T. REALTY GROUP LIMITED On 24 May 2005, Honway through Bear Stearns placed the Placing Shares to an independent third party at the Placing Price of HK$7.25 per Placing Share. The Placing Price represents a discount of approximately 2.68% to the closing price of HK$7.45 per Share as quoted on the Stock Exchange on 23 May 2005 and a discount of approximately 1.49% to the average closing price of approximately HK$7.36 per Share as quoted on the Stock Exchange for the last 5 trading days immediately preceding 24 May 2005. The Placing Shares represent approximately 2.50% of the existing issued share capital of Cross Harbour of 280,211,132 Shares. Upon completion of the Placing, the shareholding percentage of Honway will be reduced from approximately 27.26% to approximately 24.76%. The board of directors of Cross-Harbour has noted the recent increase in the turnover of the Shares and wishes to state that it is not aware of any reasons for such increase except for the Placing as mentioned above. Save as disclosed herein, the board of directors of Cross-Harbour confirms that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under rule 13.23 of the Listing Rules, neither is the board of directors of Cross-Harbour aware of any matter discloseable under the general obligation imposed by rule 13.09 of the Listing Rules, which is or may be of a price-sensitive nature. The Placing constitutes a discloseable transaction of Y. T. Realty under the Listing Rules. Y. T. Realty will despatch a circular to its shareholders as soon as possible giving particulars of the Placing in accordance with the provisions of the Listing Rules. THE PLACING DATED 24 MAY 2005 On 24 May 2005, Honway through Bear Stearns placed the Placing Shares to an independent third party at the Placing Price of HK$7.25 per Placing Share. 1. The parties Honway as seller and Bear Stearns as placing agent. To the best knowledge, information and belief of the directors of Y. T. Realty having made all reasonable enquiries, Bear Stearns and its ultimate beneficial owner are independent third parties not acting in concert with Honway and are independent of Honway and Y. T. Realty and their respective connected persons as defined under the Listing Rules. 2. The Placing Shares 7,000,000 Shares, representing approximately 2.50% of the existing issued share capital of Cross-Harbour. 3. Placing Price The Placing Price of HK$7.25 per Placing Share was arrived at after arm's length negotiations between Honway and Bear Stearns. It represents a discount of approximately 2.68% to the closing price of HK$7.45 per Share as quoted on the Stock Exchange on 23 May 2005 and a discount of approximately 1.49% to the average closing price of approximately HK$7.36 per Share as quoted on the Stock Exchange for the last 5 trading days immediately preceding 24 May 2005. 4. Independence of placee To the best knowledge, information and belief of the directors of Y. T. Realty having made all reasonable enquiries, the placee and its ultimate beneficial owners will be independent third parties not acting in concert with Honway and will be independent of Honway and Y. T. Realty and their respective connected persons as defined under the Listing Rules.